Interagency Statement on Section 612 of the Dodd-frank Act,

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Interagency Statement on Section 612 of the Dodd-frank Act, Restrictions on Conversions of Troubled Banks
FIL-50-2012
November 26, 2012




Summary: Section 612 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) imposes restrictions on conversions of certain national banks or federal savings associations to state-chartered institutions and conversions of certain state-chartered banks or savings associations to national banks or federal savings associations. The agencies that administer Section 612—the Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System (Board), and the Office of the Comptroller of the Currency (OCC) (collectively, the Agencies)—together with the Conference of State Bank Supervisors (CSBS) are issuing this Interagency Statement to outline supervisory expectations for conversions covered by this law.

Statement of Applicability to Institutions With Total Assets Under $1 Billion: This Financial Institution Letter applies to all FDIC-supervised banks and savings associations, including community institutions.


Distribution:
FDIC-Supervised Banks (Commercial and Savings)

Complete Financial Institution Letter: http://www.fdic.gov/news/news/financial ... 12050.html